WORLD TRADE  
ORGANIZATION  WT/BOP/G/16 
29 June 2009 
 
 (09-3158) 
Committee on Balance-of-Payments Restrictions Original:   English 
  
 
CONSULTATIONS WITH UKRAINE 
 
Basic Document Supplied by Ukraine
 
OVERVIEW OF THE SITUATION AND OUTLOOK FOR THE 
BALANCE-OF-PAYMENTS TAKING INTO ACCOUNT INTERNAL AND  
EXTERNAL FACTORS THAT AFFECT THE SITUATION 
 
 
I. INTRODUCTION 
1. This document has been prepared pursuant to para 11 of the Understanding on the Balance-
of-Payment Provisions of the General Agreement on Tariffs and Trade 1994.  The document 
contains :  " (a) an overview of the balance-of-payment s situation and prospects, including a 
consideration of the internal and external f actors having a bearing on the balance-of-payments 
situation and the domestic policy measures taken in order to restore equilibrium on a sound and 
lasting basis;  (b) a full description of the restrictions app lied for balance-of-payments purposes, their 
legal basis and steps taken to reduce incidental protective effects;  (d) a plan for the elimination and 
progressive relaxation of remaining restrictions." 
2. The document is prepared based on the data and information from the National Bank of 
Ukraine, the State Customs Committee of Ukrain e and the State Statistics Committee of Ukraine, 
Ministry of Economy of Ukraine, IMF. 
II. OVERVIEW OF THE SITUATION AND OUTLOOK FOR THE 
BALANCE-OF-PAYMENTS TAKING INTO ACCOUNT INTERNAL AND 
EXTERNAL FACTORS THAT AFFECT THE SITUATION 
3. Ukraine has been demonstrating strong and rapid growth since 2000 (an average is at above 
7% annually), stabilized after uncertainties of late  1990ies after having started and implemented quite 
successfully a number of structural reforms, stim ulating and encouraging economic activities, which 
utilized existing capacities and investment for new or modernized ones and increasing labour 
productivity.  Demand – supply balance was in pretty  good shape, with demand tending to grow being 
provoked in last two years particularly by capita l inflows and credit boom, which inevitably impacted 
redistribution of the large terms-of-trade gains to the population through incomes policies. 
The Ukrainian economy today is characterized by a number of factors: 4. In 2008 the GDP growth made 2.1% and became  the lowest for the whole period after the 
renewal of economic development processes in 1999.  During the last quarter there was a decrease in 
production volumes, which reduced by 3.1% in the year  terms.  Deterioration of economic situation in 
Ukraine was to a certain degree a result of global liquidity fall and deceleration of economic development in the majority of countries;  it limited the access of the real sector enterprises and banks to foreign lending on the one hand, and, on the ot her hand, there was reduction of demand for the 
traditional Ukrainian export goods due to the unfa vorable situation.  These circumstances led to WT/BOP/G/16 
Page 2  
 
essential worsening of the balance of payments indicators and were one of the factors of pressure on the hryvnia (national currency) exchange rate. 
5. Last year the red-ink balance of the current account grew to minus USD 11.9 billion.  In the 
4th quarter of 2008 the reduction of long-term cap ital inflow and outflow of short-term capital 
resulted in the negative aggregate bala nce of payments (-USD 3.1 billion). 
6. Consumer Price Index  made 122.3%, as a result of both global increase in the world prices (in 
particular, food prices) and internal factors (macro economic imbalances, deterioration of inflationary 
expectations of households, etc.).  Tension in th e world financial markets and growing distrust of 
population and businesses to some banks led to wor sening of situation in the money market in 
October 2008.  In October – December 2008, total national currency deposits reduced by 13.7%, and 
foreign currency deposits (in dollar e quivalent) - by 8%.  During this period, the official exchange rate 
of hryvnia against US dollar decreased by 58.4%, and by 52.5% from the year start. 
7. With the outbreak of the world crisis the de mand and markets rapidly shrank and Ukraine 
faced a dramatic decrease in currency inflow from e xport operations especially in steel.  Steel stands 
for about 40% of exports and 15% of the country's GDP.  The price for steel drop by 65 % since early 
July 2008. 
Ukrainian Exports of Steel Products, 2006-08, bimonthly)
Ministry of Economy of Ukraine1.5
1.5 1.5 1.6 1.5 1.5
1.4 1.4
1.21.3
1.01.02.0
1.71.81.71.81.9
1.71.81.81.7
1.5
1.5
1.3
1.02.02.52.83.6
3.1
2.9
2.8
2.4
1.9
1.6
0.511.522.533.54
Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov DecBil.$2006
2007
2008
 
 
8. Ukraine is highly dependent on energy resources,  which is mainly of Russian supply, and 
naturally energy price is a major component in its economy.  The gas imports is about 6% of GDP.  Any fluctuation of the gas price triggers economic ad justment, but when the price soared last winter 
for Ukraine it hit economic operators and households  very hard.  Its rapid and unprecedented rise left 
no time and room for them to adjust.  In previous  years Ukraine paid up to $180/tcm, or $6.5 billion 
for gas imports, versus a transit-adjusted European equivalent of $330/tcm in 2009. 
 
 
  WT/BOP/G/16 
 Page 3 
 
 
Trends of Trade Balance (goods&services)
Ministry of Economy of Ukraine179.5130.095.0 65.6 57.8 57.70 62.0
4090140190
2002 2003 2004 2005 2006 2007 2008$USA per 1000 
cubic meter
1.0 0.053.7
-1.9
-6.7
-11.4
-18.2
-20-15-10-50billion $US A
2002 2003 2004 2005 2006 2007 2008The balance of trade in goods
2.7 2.83.2 3.23.84.15.5
036bi ll i on $U
2002 2003 2004 2005 2006 2007 2008T he ba la nce o f tra de in servicesNatural gas price
 
 
9. Ukrainian migrant workers, the number of whom  grew by order of times in 10 years, 
accounted for above USD 2bl remittances in 2008.  This is if not a decisive factor to be taken into 
account but one of a very influential in terms of foreign currency sources for Ukraine.  The Ukrainian 
migrant workers were impacted by the economic cr isis to a considerable degree.  Construction, 
agriculture, services were the main employment areas for Ukrainian workers, many of those jobs are 
today lost and inflows of migrant workers' re mittances immediately dropped.  In 2008 remittances 
were as follows Q1 – USD 479 ml, Q2 – USD 568ml, Q3 – USD 592ml, Q4 – USD498 ml, in 2009 Q1 – USD 392 ml, which is an significantly lower.  
10. In December 2008, the Parliament adopted budge t for 2009, which included saving measures. 
However, since the adoption of the budget, econom ic growth and government  revenues have slowed 
significantly, implying a higher deficit than planned in  the budget.  To this end, in addition Ukraine 
has taken the following measures: 
• increased excise duties on tobacco, alcohol, and diesel to generate additional revenues in 
2009; 
• increased natural gas, electricity and coal pr ices, with a view to generate additional 
resources to the budget and reduce the need for subsidies; 
• generated additional nontax revenues by c oncluding a sale of carbon emission rights; 
• taken measures to improve the fina ncial position of the pension fund. 
 
11. In parallel, Ukraine is strengthening effort s to secure additional funding from multilateral and 
bilateral creditors, and from domestic sources.  As the global financial crisis evolved Ukraine 
immediately faced a sharp reversal of external  capital flows, without having real access to the 
international capital markets, even though direct credit lines have been for the most part rolled over.  
The money to be received directly from major donor countries is not an easy thing today, the donors 
themselves are under pressure and cannot take easily immediate decisions to release money to help 
Ukraine upon its prompt request. WT/BOP/G/16 
Page 4  
 
12. Finally, Ukraine is considering, if market conditions improve, to raise additional financing 
through privatization.  With these efforts, we are confident that we can secure sufficient additional 
financing for 2009, in line with the amount approved in the budget. 
13. Ukraine is a highly liberalized market due to its WTO commitments and concessions, it's vast 
majority of bound tariff is actually applied rates existing today with no possibility to use tariff 
regulation as an adequate and WTO compliant first r esponse instrument to influence imports even in 
stable circumstances of trade. 
14. This being said, Ukraine is deprived of su ch instrument and is extremely exposed and 
defenseless in any critical tense situation in glob al markets, not to mention such unprecedented global 
financial and economic cr ises we have today. 
15. In the middle of the adverse and aggressively pr oliferous world crisis, with the well-known to 
all members specificity of invocation and time-consuming procedures of each of safeguard, antidumping or countervailing measures, Ukraine had to respond fast and act in a manner, that would 
comply with its commitments and good will not to create greater protectionism.  Antidumping needs signs of dumping, takes time for investigation and th e final effect of the measure may be dubious or 
turn out to be more restrictive in  its outcome to the market of the goods in question.  Same is actually 
true about safeguards and countervailing.  
16. BOP provisions are among very few available fo r Ukraine today WTO legitimate safeguard 
measures of temporary nature to counteract s hocks and mitigate danger ous negative trends. 
17. Ukraine, recognizing the value and benefits of liberalized trade, tak es careful steps not to 
create unnecessary obstacles to trade flows, even though being so open makes Ukrainian economy 
very vulnerable and perceptive of any minor negative  developments in terms of trade.  Since last 
summer some of Ukraine major trade partners rai sed applied tariffs (they have this tool unlike 
Ukraine) for major Ukrainian exports like steel and grain, which worsened access to their markets and 
tightened our trade, thus deprivin g Ukraine of the revenues expected. 
18. Further use of macroeconomic regulators (the  squeezing of domestic demand and devaluation 
of the exchange rate of hryvna) will be rather li mited.  Thus, according to the National Bank of 
Ukraine's estimates, the decline in the gross demand (GDP) in quarter І of 2009 amounted to 
approximately 20%, which is one of the worst figures in the world.  
19. Further devaluation of hryvna is also und esirable due to the high degree of currency 
imbalances in the economy and net currency exchange losses of economic agents.  It is also necessary 
to take into account that currency exchange dest abilization may lead to the resumption of large 
outflows of cash currency from the banking system.  Ther efore, in order to further adjust the current 
account, possible measures that may be taken still include import restrictions for purposes of improving the balance of payments  in conformity with Article ХІІ of the GATT.   WT/BOP/G/16 
 Page 5 
 
 
III. RESTRICTIONS APPLIED FOR BALANCE-OF-PAYMENT REASONS, 
MEASURES TAKEN TO LIBERALIZE THEM AND PLANS FOR THE ELIMINATION  
20. Ukraine's instituting the balance of payment measu re should be regarded in a broader context, 
taking into consideration its vast majority of app lied/bound zero tariffs.  As stated above Ukraine is 
quite limited in actions and measures to be taken in terms of tariff regulation of imports, one the 
instruments of last resort, which are there for Ukra ine is balance of payments provisions of the GATT. 
21. Ukraine, when adopting the measure, relied on the legitimacy of its rights under the WTO 
BOP provisions (Articles XII, XVIII of GATT a nd Understanding on the Balance of Payments 
Provisions of the General Agre ement on Tariffs and Trade 1994). 
22. The national legal basis for the introduction of a temporary surcharge measure on imports for 
the balance-of-payments purposes is the Law of Ukra ine "On Introducing Changes to Some Laws of 
Ukraine to Improve the Balance-of-Payments of Ukraine in Connection with the Global Financial 
Crisis" of 04.02.2009 No. 923-VI.Pursuant to th e above-mentioned Law Ukraine introduced a 
temporary surcharge up to 13% of the customs value of goods brought into the customs territory of 
Ukraine as imports, except for critical imports.  Critical imports include any imports except for the 
following (by groups or UKTZED codes):  "0202,  0203, 0206 - 0210, 0504 - 0506, 0509, 0511 
(except item 0511 10 00 00), 0808, 1601 - 1605, 1701, 1702 (except for starch treacle in item 1702 30 
99 00), 2204 - 2208, 2701, 4203, 4303, 57, 60 - 65, 6806, 6901, 7201, 7301, 7321, 8401, 8414, 8418, 8501, 8516, 8702, 8703, 8704." 
23. The temporary surcharge came into effect  from 7 March 2009 and was introduced in the 
situation of significant reduction in foreign currency reserves only with a view to restore equilibrium 
of the balance-of-payments. 
24. The temporary import surcharge was introduced for a term of up to six calendar months 
following the month, in which it took effect.  Based  on assessment of the situation and prospects for 
the balance-of-payments the Cabinet of Ministers of Ukraine is entitled to reduce the amount of the 
temporary surcharge, abolish or prolong it but for no longer than another six months by issuing an 
appropriate decree.  At the same time, the parliame nt of Ukraine is entitled to resolve at any time on 
suspending the temporary procedure through abolishing the law on its introduction. 
25. On 18 March 2009 the Government of Ukraine eliminated the 13% import surcharge 
measures, except for imports classified under UKTZED codes 8418 and 8703. 
26. Ukraine resorts to this measure among others - to  name a few: external credits and loans from 
donors and IMF loans, a number of steps the governme nt is taking to counteract the crisis on a 
systemic level, under the law on 13% surcharge the revenue will be accumulated in the country's 
Stabilization Fund, taxation basis is being widene d (e.g. new excise duties imposed of tobacco and 
spirits, cutting administrative costs are promoted in  governmental agencies, as well as serious review 
of budgetary spending in general) to achieve certain increase of its reserves. 
27. Ukraine's measure is designed with due caution that  in its scope it does not affect trade with 
Ukrainian partners from developing or least develo ped countries, a wider range of products covered 
by the measure would have been destined to hit those countries. 
28. At the same time it should be taken into consid eration that some WTO members have rather 
high level of import duties on cars comparing to Ukraine
.  Besides that, bearing in mind the 
importance of state support in the difficult times of the crises, the Governments of most leading 
economies employ the following wide range of anti-crises measures with the aim to save national car-
production industries: WT/BOP/G/16 
Page 6  
 
• Providing of financial assistance to the car-industry, for example for the development of 
green technologies; 
• State financing of cheap consumer credits and reduction of interest rates for loans 
envisaged for new car purchasing; 
• Providing of state award for purchase of a new car instead of old one (introduced in 
10 countries); 
• Release of ecologically friendly cars from transport duties; 
• Increase of import duties; 
• VAT refund to buyers of new cars; 
• Reduction of taxes for stimulating new cars purchasing; 
• Creation of related governme nt procurement programs; 
• Providing support for leasing programs of the car producers; 
• Partial compensation of the expenses for cr edits, taken for technological refitting. 
29. It is worth mentioning in this regard that the Law of Ukraine on the Amendments to the Law 
on Stimulating the Car Production in Ukraine of 6 June 2005 harmonized the corresponding national 
legislation in accordance with the WTO requirements.  This Law confirmed the abolition of any tax or 
tariff privilege related to the requirement to use nationally produced goods and that starting from the 
date of accession Ukraine would not use such measures to support its car-producing industry.  
30. In addition to these quite strict commitments, Uk raine objectively at this stage of its economic 
development does not have financial resources to be able to afford even the minimal support packages 
to stimulate these industries to be compared with t hose some members have already done in practice.  
Information charts on production, imports and sales contraction caused by the reduction in 
access to loans for car purchasing. 
Production of cars (in 1000 pieces)  
 
  
 
  WT/BOP/G/16 
 Page 7 
 
 
Production of autobuses  
 
1077
988
696
567
223
146770 953 9431006 975 978
866
74 55 61 
0 200 400 600 800 1000 1200 
2008 I II  III IV V VI VII VIII IX X XI XII 2009 I  II III IV 
 
 
31. During January – April 2009 only 23000 cars were produced in Ukraine.  As of today the 
production facilities are used only by 19%. The industry counts almost 30000 workers. 
32. Concerning the refrigerator-production we s hould mention that customs protection was 
introduced on quite low level (up to 10%).  Besides that, the Ukrainian fridge producers finished 2008 
with huge losses (since the beginning of 2009 the production contracted by 80%). 
Production of fridges – freezers (in 1000 pieces) 
 
 
46,9 67,8
42,2
34,5
25,6
16
9,725,2 
22,2 19,7 41,849,5 
40,2 65,2 
63,8 63,5 
2008 I  II III IV V VI VII VIII IX X XI XII2009 I  II III IV 
 WT/BOP/G/16 
Page 8  
 
Import of goods – group 8703 (in 1000 pieces) 
   
13,4  32,5   
18,5  43,1 
20,1  46,0   
22,252,5 
19,559,7 
27,875,7 
24,288,7 
13,9  60,0   
3,5 19,7  
Q1 Q2  Q3 Q4 Q1 Q2 Q3 Q4 Q1  
CIS 
importsOthers2007 2008 2009 
 
 
Sales of new cars in Ukraine (in 1000 pieces) 
 
21,6 
13,014,2 
11,2 52,3
37,159,8
52,353,660,5
53,0 51,2 62,9 
55,9 
51,2 
48,2 
0 10 20 30 40 50 60 70 
2008 I   II  III IV  V  VI VII VIII  IX X XI XII 2009 I  II III IV 
 
 
33. 71165 new cars were sold in Ukraine in January – May 2009 (263469 in January – 
May 2008).  12723 were sold in May 2009 (500 77 in May 2008), amongst these 6911 were produced 
in Ukraine and 5812 were imported from abroad (source:  newspaper "Uriadoviy Kurier" No. 105, 
16.06.2009) .  WT/BOP/G/16 
 Page 9 
 
 
34. Ukraine maintained 25% import tariff for auto s before its accession to the WTO, and the 
market demonstrated rational growth, with bot h domestic producers and importers calculating 
consumer demand and purchasing power.  Afte r accession the tariff lowered to 10%, creating 
extremely favorable market opportunities.  Today even with the 13% surcharge it makes 23%, thus Ukraine still ensures liberal access to  its market for trade flows.  
35. The problem exporting countries face today is ro oted in the decreased demand and consumer 
insolvency and not in Ukraine's instituting a surc harge.  The drop in car sales is a decline in 
purchasing power of the population, connected to the deterioration in access to loans, moratorium on 
early termination of the deposit contracts, nati onal currency depreciation and lack of liquidity. 
36. The factors related to the decline of purchasing power of the population: 
37. Deterioration in access to loans
:  22 500 auto purchase loans were issued in April 2008 and 
only 500 in April 2009 (decline in 50 times).  
38. National currency depreciation :  Ukraine's currency lost about 60% of its value with respect 
to the USD in 2008.  
39. Decline in real income of the population .  Average salary in April 2009 was USD 230 
comparing to USD365 in September 2008 - decline almost by 60%. 
40. Ukraine, being mindful of the possible outcome  of any measure, made cautious choice  and 
preferred the measure, which is price-based, temporary in nature with a foreseen clear date of its total 
elimination.  Ukraine deliberately refrain ed from applying quantitative restrictions.  
41. Ukraine has already relaxed the measure reasona bly by eliminating a wide range of goods 
from the list of goods affected by the measure. 
42. Ukraine believes that this measure cannot be  qualified as specific product targeted, because 
these were two tariff headings, imports of which caused major disruption to the BoP. 
43. Taking into account that refrigerators and passenger cars are mostly consumer goods and do 
not impact the long-term potential for economic gr owth (unlike, for instance, consumption of 
investment goods), and in short-run will not cause a deficit on the market, nor will it impair the well-
being of consumers, Ukraine opted  for temporal imposition import surcharge that would assist to 
restore equilibrium of Ukraine's balance of payments. 
44. The measure instituted by Ukrain e is well explained by the inte ntion of Ukraine to be least 
trade disturbing and most economically justified.  Demand for these two headings has been persistently growing for quite a long term being constantly in stigated by credit boom (mostly 
consumers preferred credits in hard currencies), and imports surged.  The demand for currency grew 
to repay credits, national currency (hryvna) depreci ated.  This being said, further preserving the same 
level of consumer boom would definitely resu lt in total financial and economic collapse. 
45. As regards recent dynamics of imports of goods by commodity groups, the steepest decline 
occurred in the machine-building sector (in 4 months – by 69.8%, in April – by 72.1% compared to 
the relative period in 2008).  The reason is that in co nditions of a crisis, enterprises' investments in the 
long-term use products (as well as the population's de mand for such goods) decline in the first place.  
The rates of decline in the imports of refrigerato rs and passenger cars in Ja nuary-April 2009 were on 
average by 7–8% higher than the rates of declin e of imports of other machine-building sector 
products.  However, it should be noted that in the fi rst 2 months the rates of decline of the import of 
passenger cars were still moderate (62.1%). WT/BOP/G/16 
Page 10  
 
Relative growth, %  Million USD  
(for the first 4 months of 
2009) % of total imports To January 2008 –  
April 2008 To April 2008 
Machine building 
products  
Including 2495.2 18.9% -69.8%  -72.1%  
- refrigerators (8418) 39.2 0.3%  -75.6%  -73.1%  
- passengers cars (8703) 433.0 3.3%  -74.5%  -96.9%  
- other 2023.0 15.3%  -68.4%  -65.9%  
 
46. Taking into account the above considerations and according to our expert estimates, the 
maximal effect of the introduction of the import surcharge will be additional 10% reduction in the 
import of refrigerators and passenger cars.  Accordingly, over 6 months the effect of the measure may amount to approximately USD 350 ml, which will le t increase the positive ba lance of the current 
account in 2009 approximately to USD 1.0 bl a nd to partly reduce the pressure on the foreign 
reserves. 
47. The Cabinet of Ministers of Ukraine intends to eliminate the remaining measures in the 
nearest future. 
_______________ 
  WT/BOP/G/16 
 Page 11 
 
 
ANNEX 1 
  
Ukraine. Economic Indicators 
 Figure A.1 
 
Main economic indicatorsMain economic indicators
GDP            GDP            ( ( 20020088to to 20072007 ))
Industrial Output       Industrial Output       
Gross Agricultural Output    Gross Agricultural Output    
Retail Turnover of Goods     Retail Turnover of Goods     
Real State Budget Revenues  Real State Budget Revenues  ((JanuaryJanuary --March 2009)March 2009)
Real Wages       Real Wages       ((JanuaryJanuary --April 2009)April 2009)
Consumer Price IndexConsumer Price Index ((May 2009 May 2009 to December 2008to December 2008 ))
Manufacturer Manufacturer Price Index Price Index ((May 2009 May 2009 to December 2008to December 2008 ) ) 
HryvniaHryvnia depreciated to USDdepreciated to USD (June , 1, 2009)(June , 1, 2009)↑
↓
↑31.9%31.9%
2.3%2.3%
8.9%8.9%
10.8%10.8%
2.8%2.8%
1.1%1.1%2.1%2.1%
7.4%7.4%January January --MayMay
20092009
cumulative  since 
the beginning of the year versus previous period:
since the beginning 
of the 2009:15.3%15.3%↓
Ministry of Economy of Ukraine↓
↑↓↓
↑
June 2008
↓
 
 
Ukraine's real GDP in 2008 grew by 2.1% relative to 2007 (in 2007  – by 7.9%), with nominal GDP 
in the reporting period am ounting to 949.8 bn UAH   
 Figure A.2  
 versus 
previous 
year, %
versus 1990, 
%
1991  91.3  91.3
1992  90.1 82.3
1993  85.8  70.6
1994  77.1  54.4
1995  87.8  47.8
1996  90.0  43.0
1997  97.0  41.7
1998  98.1  40.9
1999  99.8  40.8
2000  105.9  43.2
2001  109.2 47.2
2002  105.2  49.7
2003  109.6  54.4
2004  112.1  61.0
2005  102.7  62.7
2006  107.3  67.3
2007  107.9  72.6
2008  102.1 74.1(change over the same period of the previous year, %)
Ministry of Economy of UkraineComparison of GDP Growth RatesComparison of GDP Growth Rates
7.9
7.27.37.77.5 7.78.7
7.9 7.98.98.69.3
2.13.6 5.86.37.16.56.3 6.46.26.35.84.9
14710
I I-II I-III I-IV I-V I-VI I-V II I-V III I-IX I-X I-XI I-XII(%)2007 2008In2008 the nominal GDP constituted 949.9 bln. UAH
 WT/BOP/G/16 
Page 12  
 
Figure A.3  
NBU Interventions and Exchange Rate
2235063361415
787
383
-409265
-216
-946
-1077
-1730
-4115-150 -1764791575
1147
6581043
955
6183553052487
1210
-3399-2771-16117.581
5.050 5.050 5.0504.986
4.8524.843
4.8454.8535.0436.0047.700
7.7007.700
7.653
-4500-3500-2500-1500-50050015002500
January
March
May July
September
NovemberJanuary
MarchMayJuly
September NovemberJanuary
MarchMay(Net interventions, mln. USD)
4.754.905.055.205.355.505.655.805.956.106.256.406.556.706.857.007.157.307.457.60
(official exchange rate UAH to USD)
NBU net intervention ("+" selling, "-" purchase)
official exchan ge rate UAH a gainst USD (avera ge for a month )2009
Ministry of Economy of Ukraine20072008
 
 
Official exchange rate of Hryvna against US dollar as of 01.06.2009 was 7.6185  UAH/USD.  Since 
the beginning of 2009 Hryvna appreciated against US dollar by 8.15 kopecks, or by 1.1%.   Figure A.4 
 
NBU International Reserves 
(at the current rate, in US $, millions)
in  January-May  2009 4↓by USD   3.8 bln.,  or  ↓11.9%
Ministry of Economy of Ukraine27791.831543.2
6937.39524.919390.632463.3
22256.0
 01.01.2004  01.01.2005 01/01/2006 01/01/2007 01/01/2008 01/01/2009 01/06/2009
 
 
  WT/BOP/G/16 
 Page 13 
 
 
Figure A.5  
Gross Value Added by Separate Kinds Gross Value Added by Separate Kinds 
of Economic Activitiesof Economic Activities
1997 -4.3
1998 -2.0
1999 -0.2
2000  5.0
2001  13.82002  5.9
2003 10.4
2004 13.4
2005    0.0
2006   6.4
2007  8.4
2008  1.2Change of Gross 
Value Added,       
versus the previous 
year, %          
15.6
3.211.7
2.70.92.416.4
11.7
-6.1
-17.517.2
7.1
1.8
-0.6 -0.6-1.5 -2.3
-4.8
-18-13-8-327121722
Agriculture,
hunting and
forestry
Wholesale
and retail
trade
Education
Manufacturing
industry
Construction(%)2007 2008(change over the same period of the previous year, % )
Ministry of Economy of Ukraine  
 
Figure A.6  
Change of Consumer Price Index
(change versus December versus December of the previous year %)2.95.79.713.1 14.6 15.5 14.9 14.8 16.118.0 19.822.3
2.9 4.4 5.9 6.9 7.406121824
January 
February
MarchApril
May June
July
August
September
October
November
December2008 2009
1996  39.7
1997 10.1
1998 20.01999 19.22000 25.82001 6.12002  -0.6
2003  8.2
2004 12.3
2005  10.3
2006  11.6
2007  16.6
2008 22.3Change of Consumer 
Price Index,           
(versus December of  
the previous year, %)
CPI
Ministry of Economy of Ukraine11.716.3
3.94.613.9
11.1
3.7
0.21.07.422.7
-0.17.712.9
4.43.111.121.0
9.7
2.77.9
1.45.912.6Food stuffs and soft drinks
Swizzles, tobacco wares
Dressed a shoe
Habitation, water, electric power,
gas and other types of fuel
Articles of home consumption
Medicine and Health
Transport
Connection
Rest and culture
Education
Restaurants and hotels
Different commodities and servicesMay 2008
May 2009CPI of the basic groups of commodities and services
 
 
 WT/BOP/G/16 
Page 14  
 
In May 2009 the consumer price index reached 100. 5%, and since the beginning of the year – 107.4% 
(last year – 114.6%).   Figure A.7  
Change of Manufacturer Price Index for 
Industrial Production(change versus December of the previous year %)1996  17.3
1997 5.01998 35.3
1999 15.7
2000 20.8
2001 0.9
2002  5.7
2003  11.1
2004 24.1
2005  9.5
2006  14.1
2007  23.3
2008 23.0Change of 
Manufacturer Price 
Index,                 
(to December of the 
previous year, %)MPI
23.0 23.532.1 34.0 36.5 34.129.4 24.2 19.812.45.4 2.32.8 3.5 3.12.0 0.20102030
January 
February
MarchApril
May
JuneJuly
August
SeptemberOctober
November
December2008 2009
Ministry of Economy of UkraineMPI of the basic types of industrial activity
39.3
23.0
6.211.6 10.516.123.821.046.8
12.121.7
12.9
-3.53.6 2.6 4.2
-1.85.1 5.3 5.2
-3.711.8
5.611.4Extractive industry
Processing industry
Production of food products, made a
drunk and tobacco wares
Light industry
Treatment of wood and production of
wares from wood, except for furnitures
Tselyulozno-paperove production;
publishing activity
Production of coke, products of
naftopereroblennya
Chemical and petrochemical industry
Production of other non-metal mineral
products
Metallurgical production and production
of the finished metallic products
Engineer
Production and distributing of electric
power, gas and waterMay 2008
May 2009
 
 
 In May 2009 the manufacturer price index for industrial products was 99.3%, since the beginning of the year – 102.8%  (last year – 124.2%)   
Figure A.8 
 
Dynamics of Industrial OutputDynamics of Industrial Output
Change of the industrial output indices, %
Industry - total                        ↓31.9% ↓31.8 % ↑1.3%
Manufacturing industry              ↓↓37.637.6% % ↓↓35.935.9 %% ↑↑2.42.4%%
Extractive  industry                      ↓↓1818..55% % ↓↓2020..66%% ↑↑1.71.7%%
Production and distribution of 
electricity, gas and water             ↓↓17..11%% ↓↓2020..99%% ↓↓6.16.1%% versus 
previous year, 
%
versus 1990, 
%
1991 95.2 95.2
1992 93.6 89.1
1993 92.0 82.0
1994 72.7 59.6
1995 88.0 52.4
1996 94.9 49.7
1997 99.7 49.6
1998 99.0 49.1
1999 104.0 51.1
2000 113.2 57.8
2001 114.2 66.0
2002 107.0 70.6
2003 115.8 81.8
2004 112.5 92.0
2005 103.1 94.9
2006 106.2 100.8
2007 110.2 111.1
2008 96.9 107.7
Ministry of Economy of UkraineJanuary-May 2009
to January-May 2008January-May 2009
to January-May 2008May 2009
to May 2008May 2009
to May 2008May 2009
to April 2009May 2009
to April 2009
  WT/BOP/G/16 
 Page 15 
 
 
Industrial output in January - May 2009 relative to  the same period last year fell by 31.9%.  
In May 2009 total industrial output grew by 1.3%  relative to April 2009.  The processing industry 
increased its output by 2.4%. The output of the extractive industry re lative to April 2009 increased by 1.7%. 
In the sector of production and distribution of elect ricity, natural gas and water production output is 
reduced by  6.1%.  
 Figure A.9  
IndustrialIndustrial Producing by BranchesProducing by Branches
(change over the same period of the previous year, %)
Ministry of Economy of Ukraine46.450.956.361.364.264.777.187.592.762.4 Manufacturing - total
Production of coke and refined petroleum
products
Light industry
Wood working and production of wood
products apart from furniture
Production of  other non-metallic mineral
products
(%)January-May 2009
 
 
Machine-building .  The decrease in the machine-building sector output for January-May 2009 
relative to the same period of the last year reached  37.6%.  In January - April 2009 the share of profit-
making enterprises in this sector was 49.0% (last year –  62.8%).  Metallurgy and production of finished metal products .  Over the 5 months in 2009 production 
output in this sector compared to the respec tive period of the last year fell by 43.7%. 
Chemical and petrochemical industry.   Production output in this industry for  January - May 2009 
relative to the same period of the last year decreased by 35.8%.  Production of foodstuffs, beverages and tobacco products.   Outputs of the foodstuffs group 
products in January - May 2009 relative to the same period of the last year decreased by 7.3%.   WT/BOP/G/16 
Page 16  
 
Figure A.10  
Agricultural OutputAgricultural Outputversus previous 
year, %
versus 1990, %
1991 86.8 86.8
1992 91.7 79.6
1993 101.5 80.8
1994 83.5 67.4
1995 96.4 65.0
1996 90.5 58.8
1997 98.2 57.8
1998 90.4 52.2
1999 93.1 48.7
2000 109.8 53.4
2001 110.2 58.8
2002 101.2 59.5
2003 89.0 53.0
2004 119.7 63.4
2005 100.1 63.5
2006 102.5 65.1
2007 93.5 60.92008 117.1 71.3(change over the same period of the previous year, % )
Ministry of Economy of Ukraine17.118.0 17.615.121.0
10.9
-0.3 0.2 0.10.20.7 0.02.3 2.1 1.70.51.1
-8-404812162024
I I-II I-III I-IV I-V I-VI I-VII I-VIII I-IX I-X I-XI I-XII(%)2008 2009Within the period of January-April 2009,
the agricultural  production output
18,3 bln. UAH in current prices
 
 
Total production of agricultural products by a ll categories of agricultural businesses in January – 
May 2009 increased 2.3% against the same period in 2008, including 7.1% increase in production by 
agricultural enterprises, whereas output of persona l/family agricultural facilities fell by 1.0%. 
 Figure A.11  
Foreign Direct Investment
36526.6
9047.0
3875.04555.35471.86794.435707.1
29542.7
21607.3
16890.0
2.320.936.7
27.986.7
18.1 17.620.124.233.2
0500010000150002000025000300003500040000
01/01/2001 01/01/2002 01/01/2003 01/01/2004 01/01/2005 01/01/2006 01/01/2007 01/01/2008 01/01/2009 01/04/2009mln. USD
020406080100120140FDI Inflow,  (left scale )  
Net growth as to the previouse period, 
(right scale)
Ministry of Economy of Ukraine(%)Net Growth                                   
(mln., USD)593.2 680.3 916.6 1322.6 2252.6 7843.1 4717.3  7935.4  6164.4  819.5
  change over the same period 
of the previous year (%)125.9 114.7 134.7 144.3 170.3 348.2 60.1  168.2  77.7  24.4Jan.-
March 
20092008 2007 2006 2005 2000 2001 2004 2002 2003 
  WT/BOP/G/16 
 Page 17 
 
 
Net increase in the foreign capital in the 1st quarter of 2009 amounted to 819.5 mn USD, which is 
75.6% less than the increase posted in the 1st quarter 2008. 
The overall amount of direct foreign investments made in Ukraine by 01.04.2009 was 36526.6 mn USD, which is 2.3% greater than total investment at the beginning  of 2009 and which translates into 
792.7 USD per one resident of Ukraine  
 
Figure A.12  
Foreign Trade of Ukraine
(Goods and Services)
by foreign trade balance data by payment balance data
Ministry of Economy of Ukraine*  - data  excludes import volumes of natural gas.Export Import Balance    
1998  16.5  16.1 0.4
1999  15.2  13.0 2.2
2000  18.1  15.1 3.0
2001  19.8  16.9 2.9
2002  22.0  18.2 3.8
2003  27.3  24.5 2.8
2004  38.0  31.1 6.9
2005  40.4  39.1 1.3
2006  45.9 48.8 -2.9
2007  58.3  65.6 -7.3
2008  78.7  92.2  -13.5
І quarter 2009  10.4  10.8 -0.4(bln.USD)
Export Import Balance   
1998 17.6 18.8  -1.2
1999 17.1  15.2  1.8
2000  19.5 17.9  1.6
2001 21.1 20.5  0.6
2002 23.4 21.5  1.9
2003 29.0 27.7  1.3
2004 41.3 36.3  5.0
2005 44.4 43.7  0.7
2006 50.2 53.3  -3.1
2007  64.0 71.9  -7.9
2008  85.6  100.1  -14.5(bln.USD)
139.0
106.3113.7127.2 134.9
63.4126.9125.8 124.8134.5 140.5
53.6
0306090120150
2004
2005
2006
2007
2008
 І
quarter
2009(percent change over   the 
same period of the  
previous year) -14000-10000-6000-2000200060001000014000
(m ln. USD)
 (right scale )  -  Balance
 (left scale)   -  Exports
 (left scale)   -  Imports133.8 127.4113.2142.6
107.5139.3 134.8 122.0 120.4
131.3
-180-90090180
2004
2005
2006
2007
2008(percent change over   the same  
period of the  previous year) -15000-11000-7000-300010005000900013000
(mln. USD)
 (right scale )  -  Balance
 (left scale)   -  Exports
 (left scale)   -  Imports
 
 
 
In January - April 2009 the export of goods relative to the same period of the last year shrank by 
41.1%, whereas the import fell by 50.1%.  The ne gative balance of  trade in goods amounted to 
1938.5 mn USD (last year this balance was al so negative and amounted to 7398.3 mn USD). 
The largest cuts in exports were in foreign trade in goods with Russ ian Federation – 19.1% of the total 
level of exports, China – 5.2%, Turkey – 5%, K azakhstan – 4.3%, Italy – 3.4%, Belarus – 3.3%, and 
Germany – 3%. 
Ukraine's largest imports were from the Russian Fede ration – 21.7% of the total import, Uzbekistan – 
9.3%, Germany – 8.2%, Kazakhstan – 6.1%, China – 5.4%, Turkmenistan – 5.2%, Poland – 4.5%.  WT/BOP/G/16 
Page 18  
 
Figure A.13  
Dynamics of Foreign Goods Trade Dynamics of Foreign Goods Trade 
Export Im port Balance  
1997 14231.9 17128.0  -2896.1
1998 12637.4 14675.6  -2038.2
1999 11581.6 11846.1  -264.5
2000 14572.5 13956.0 616.5
2001 16264.7 15775.1 489.62002 17957.1 16976.8 980.3
2003 23066.8 23020.1 46.7
2004 32666.1 28996.8 3669.3
2005 34228.4 36136.3  -1907.9
2006  38368.0  45038.6  -6670.6
2007  49296.1  60618.0  -11321.9
2008  67002.5  85534.4  -18531.9
Jan.-April 
2009  11431.6  13370.1  -1938.5
.GoodsGoods , , mln.USDmln.USD
Ministry of Economy of Ukraine-7398.3-1938.4131.158.9150.6
49.9
-160-120-80-4004080120160
2008 - І 
І - ІІ
І - ІІІ
I - IV
I - V
I - VІ
I - VII
І -VIII
І - ІX
І - X
І - XI
І - XII
2009 - І 
І - ІІ
І - ІІІ
I - IV(percent change over   the same 
period of the previous year )-20000-16500-13000-9500-6000-2500100045008000115001500018500
(mln. USD)Balance - right scale Export - left scale Import - left scale
 
 
 
 
Figure A.14 
 
Nonfinancial Corporations Credits
JanuaryJanuary --April April 20020099
¾↓↓by  6.1 bln. UAH 
¾change to the beginning of the year ↓↓1.4%; 
¾Interests on the Credits in April (weighted average 
annual interest rate):
in  domestic currencies  - 20.4%
in  foreign currencies - 9.5%Claims of bank on the credits granted to the Ukraine’s economy (at the end of period) - 714.9 bln. UAH.
(change to the beginning of the year ?2.6% )Claims of bank on the credits granted to the Ukraine’s economy (at the end of period) - 714.9 bln. UAH.
(change to the beginning of the year ?2.6% )
Households  Credits
JanuaryJanuary --April April 20020099
¾↓↓by 18.0 bln. UAH 
¾change to the beginning of the year ↓↓6.4%; 
¾Interests on the Credits in April (weighted average 
annual interest rate):
in  domestic currencies    - 21.5%
in  foreign currencies - 15.0%Claims of Bank on the Credits granted to Claims of Bank on the Credits granted to 
the Ukrainethe Ukraine ’’s Economys Economy
Ministry of Economy of Ukraine(at the end of period) (at the end of period)April  April  2002009 9 
230,011 214,774
91,307151,135207,553 228,891
109,340
69,196
–100,000200,000300,000400,000500,000
2006 2007 2008  April 2009(mln. UAH)in foreign currency
in domestic currency
73,013189,517
78821
30,69358,403201669
101,983
51,317
050000100000150000200000250000300000
2006 2007 2008  April 2009(mln. UAH)in foreign currency
in domestic currency
 
 
  WT/BOP/G/16 
 Page 19 
 
 
The debt under credits issued into the economy of Ukraine by the end of April 2009 was 714.9 bn 
UAH.  From the beginning of the year the amount of credits shrank by 2.6%, including foreign currency credits – by 7.9%, whereas credits in national currency grew by 5.1%.  Figure A.15 
 
Liabilities of Banks on the DepositsLiabilities of Banks on the Deposits
59,32775,281
45,73272,10438,22542,907
23,479
19,881
050000100000150000
2006 2007 2008  April 2009(mln.UAH) in foreign currency
in national currenc y 
Ministry of Economy of UkraineHouseholds Deposits
JanuaryJanuary --April April 20020099
¾↓↓by 23.3 bln. UAH 
¾change to the beginning of the year ↓↓10.7%; 
¾Interests on the Deposits in April (weighted 
average annual interest rate):
in  domestic currencies    - 14.2%
in  foreign currencies - 9.7%Economic Entities Deposits
JanuaryJanuary --April April 20020099
¾↓↓by 20.4 bln. UAH 
¾change to the beginning of the year ↓↓17.5%; 
¾Interests on the Deposits in April (weighted average 
annual interest rate):
in  domestic currencies    - 11.8%
in  foreign currencies - 7.3%
(at the end of period)(at the end of period)Liabilities of Banks on the Deposits   (at the end of period) - 315.3 bln. UAH.
(change to the beginning of the year ?12.4% )Liabilities of Banks on the Deposits   (at the end of period) - 315.3 bln. UAH.
(change to the beginning of the year ?12.4% )April  April  2002009 9 
100,28494,277
110016
59,889102,379107844
64,860
48,970
050000100000150000200000250000
2006 2007 2008  April 2009(mln. UAH)in foreign currency
in domestic currency
 
 
Liabilities under deposits decreased from the beginning of the year by 12.4% and as of the end of 
April 2009 totaled 315.3 bn UAH.  Liabilities for hou sehold deposit accounts fell by 10.7% from the 
beginning of the year and reached 194.6 bn UAH.  Figure A.16  
Direct and Contingent Official Debt Direct and Contingent Official Debt 
Obligations of  UkraineObligations of  Ukraine
2003 2004 2005 2006 2007 2008 April 2009
Total direct and 
contin gent official debt  14.5  16.1  15.5  15.9  17.6  24.6  24.6
Direct official debt  12.4  12.8  12.5  13.1  14.1  17.0  17.4
     Internal debt  3.8  4.0  3.8  3.3  3.5  5.8  6.5
     External debt  8.6  8.8  8.7  9.8  10.6  11.2  10.8
Contingent debt  2.1  3.3  3.0  2.9  3.5  7.6  7.2(at the end of period, bln. USD)
Ministry of Economy of Ukraine(at the end of period)
8.013. 5
10. 09. 117. 1
7. 59. 1
4. 8
2. 5 3. 14. 36. 17. 7
4.75. 3
2. 4 2. 73.45. 14. 36.2
05101520
2003 2004  2005 2006 2007 2008 April 2009*( %, to GDP)     External debt      Internal debt Contingent debt
* in % to forecast of GDP in 2009
 WT/BOP/G/16 
Page 20  
 
Figure A.17  
Financial Results of Enterprises Activities 
(of ordinary activity before taxation)
46.953.5
34.2
9.714.538.1
8.839.0
24.5
January-April 2007 January-April 2008 January-April 2009(bln. UAH)Profit
Loss
Financial outcome
Ministry of Economy of UkraineLoss
2001  39.8  21.1
2002  37.4  22.82003  45.8  26.1
2004  73.7  29.12005  89.2  24.82006 110.6 34.4
2007 183.0 47.1
2008  140.9  83.0bln.UAH
Profit
 
 
Figure A.18  
State Budget Performance
January-March  
2008 January-March   
2009  
mln.UAH mln.UAH 
Revenues  46738.0 51270.2 
Expenditures  45535.0 50976.6 
Crediting 5.6 773.1  
External   
Internal 5.6 773.1  
give a credit 86.2 1980.5 
repayment of a credit -80.7 -1207.4 
Balance   1197.5 -479.4 
Primary Balance  1865.3 495.4  
 
 Revenues
(January-March 2009  over the same period of the 
previous year)   8.9%8.9%↓↓
Ministry of Economy of Ukraine   WT/BOP/G/16 
 Page 21 
 
 
Figure A.19  
Wages and State of Payments
1404.6 1188.7
668.7 806.41089.1 960.3 1111.22232.4
400800120016002000
01/01/2004 01/01/2006 01/01/2007  01.01.2009(mln.UAH )1996 96.6
1997 96.6
1998 96.1
1999 91.1
2000 99.1
2001 119.3
2002 118.2
2003 115.2
2004 123.8
2005 120.3
2006 118.3
2007 112.5
2008  106.3
January-
April  2009  89.2Actual Wages        
(change over the same 
period of the previous 
year, % )Average monthly nominal wages per one employee
Arrears of wages
Ministry of Economy of Ukraine2001 1823 1917 1916 1872 1883 1930 1774
173517021633
15211845 1818 1723 1665
130016001900
January
February
March April May
JuneJuly
August
SeptemberOctober
November December(nominal in UAH2008 2009
Economically active enterprises 935.8 mln. UAH
Bankrupts                          394.8 mln. UAH
Economically inactive enterprises         74.0   mln. UAH
 
 
The nominal average monthly wage for a staff worker in April 2009 was 1845 UAH, which is 1.5% greater than in the previous month.  
Real wages in April 2009 grew by 0.6% relative to the previous month, whereas in relation to 
April 2008 it fell by 8.1%. In January-April 2009, relative to the same period of the last year, real wage decreased by 10.8%.  Figure A.20 
 
Population  Income
69.8
47.8
6.817.1 16.331.144.2 45.7
2001 2002 2003 2004 2005 2006 2007 2008(bln. UA H11.7 11.5 11.0 11.1 11.9 12.3 12.8 12.612.6 12.6 12.514.8
9.6 11.4 12.4 11.813.413.714.516.017.720.122.123.4
51525
І I-II I-III I-IV I-V I-VI I-VII I-VIII I-IX I-X I-XI I-XII(%)2007 2008
Ministry of Economy of Ukraine(change over the same period of the previous year, % )
Population savings 
Total
Disposable 
income
2001  158.0 119.0
2002 185.1 141.6
2003 215.7 162.62004 274.2 212.0
2005 381.4 298.3
2006 472.1 363.6
2007 623.3 471.0
2008 856.6 646.3Population  Income,     
bln. UA
H
 WT/BOP/G/16 
Page 22  
 
ANNEX 2 
  
 
National Bank of Ukraine 
May 22, 2009 
Press Release 
 
Ukraine:  Balance-of-Payments (preliminary data) April 2009 
According to the preliminary data current account  deficit amounted to USD 70 million in April ( USD 
319 million in March ).  
Merchandise trade balance deficit narrowed in  April (USD 449 million) compared to March 
(USD 564 million) due to further adjustment of e xport and import to the new external and internal 
environment.  
Current account
-2,500-2,000-1,500-1,000-50005001,0001,500
01
0203
04
05
060708
09
10
11
12
01
02
03
0405
06
070809
10
11
12
01
02
03
04 2007 2008 2009USD mln.
Merchandise trade balance Services (net) Income (net) Current transfersCurrent account balance
 
 
Merchandise export  decreased in April by 43.9 percent in year on year terms to USD 3.2 billion.  
The export's structure in April 
Percent change  
USD million Share (%) 
y-o-y m-o-m 
- metallurgical products 1042 33.0 -62.2 -6.6 
- equipment and machinery 504 16.0 -42.8 -9.9 
- agricultural products 718 22.7 +56.0 -6.2 
- chemicals 296 9.4 -48.2 -1.4 
  WT/BOP/G/16 
 Page 23 
 
 
In January-April merchandise export fell by 40.5 per cent in year-on-year terms (by USD 7.9 billion) 
to USD 11.6 billion mainly as a result of a decr ease in export of metallurgical products by 
53.7 percent, machinery and equipment by 44.7 percent.  
Merchandise import  declined in April by 54.6 percent in year on year terms to USD 3.6 billion.  
The import's structure in April 
Percent change  
USD million Share (%) 
y-o-y m-o-m 
- mineral products 1053 29.2 -53.3 -24.9 
- equipment and 
machinery 769 21.3 -34.3 +24.4 
- Chemicals 676 18.7 -72.1 -0.4 
- agricultural products 416 11.5 -30.3 -8.4 
- metallurgical products 213 5.9 -63.5 +3.3 
 
In January-April merchandise import lessened by 50.2 percent in year-on-year terms (by USD 13.3 billion) to USD 13.2 billion mainly as a result of a de crease in import of equipment and machinery by 
69.8 percent (by USD 5.8 billion), chemicals – by 1.7 times, metallurgical products – by 2.7 times.  
Financial account  deficit in April Financial account amounted to USD 986 million ( USD 5.7 billion 
in January-April ).  Net repayment of external debt by banking sector was the main factor of this 
deficit formation.  In April the foreign cash holdi ngs in other sectors of economy increased only by 
USD 278 million ( by USD 1.1 billion in March ). It was the minimum in crease since January 2007. 
Financial account
-4,000-3,000-2,000-1,00001,0002,0003,0004,000
01
02
03
04
05
06
07
08
0910
11
1201
02
03
04
0506
07
0809
10
11
12
01
0203
04 2007 2008 2009USD mln.
FDI (net) Loans and bonds Other capitalBalance of capital and financial accounts
 
 
Volume of net foreign direct investment  in Ukraine made up USD 720 million compared to USD 
314 million in March ( USD 1.5 billion in January-April ).  
In April rollover rate for banks was estimated as 53.7% . As a result net repayment of external debt by 
banking sector amounted to USD 1.2 billion.  Net borrowing of real sector of economy WT/BOP/G/16 
Page 24  
 
(USD 78 million) and net paymen ts of general government (USD 187 million) were insignificant.  
Accordingly, overall loans and bonds balance showed net outflow of USD 1.3 billion.  
In January-April the balance of private sector  loans and bonds transactions was negative of USD 2.1 
billion compared with USD 4.0 billio n in the same period of 2008.  Rollover rate was estimated as 
79.8% (72% for banks and 103.2% for other sectors).  
The overall balance of payments  in April ended in deficit of USD 1.1 billion, comparing with deficit 
of USD 1.3 billion in March ( USD 6.3 billion in January-April ).  
Balance of payments of Ukraine, 2008-09 
 2008 2009 
 Q1 April Jan-April Year Q1 April Jan-April 
Current account -3,700 -1,867 -5,567 -12,933 -524 -70 -594 
 Balance of goods and 
 services -4,451 -2,161 -6,612 -14,520 -718 -317 -1,035 
 exports of goods and 
 services 17,528 7,117 24,645 85,612 11,402 4,213 15,615 
 imports of goods and 
 services -21,979 -9,278 -31,257 -100,132 -12,120 -4,530 -16,650 
 Merchandise 
 trade balance -4,670 -2,323 -6,993 -16,934 -1,141 -449 -1,590 
 exports of goods 13,960 5,629 19,589 67,717 8,488 3,158 11,646 
 imports of goods -18,630 -7,952 -26,582 -84,651 -9,629 -3,607 -13,236 
 Services (net) 219 162 381 2,414 423 132 555 
 reseipts 3,568 1,488 5,056 17,895 2,914 1,055 3,969 
 payments -3,349 -1,326 -4,675 -15,481 -2,491 -923 -3,414 
 Income (net) 11 -1 10 -1,540 -428 -136 -564 
 Current transfers 
(net) 740 295 1,035 3,127 622 383 1,005 
 Capital and 
 financial account 3,565 2,373 5,938 9,874 -4,701 -986 -5,687 
 Capital transfers .. .. .. 5 71 1 72 
 Direct investments 
(net) 2,430 828 3,258 9,683 801 720 1,521 
 Portfolio 
 investment 
 (equity securities) 208 36 244 388 -52 26 -26 
 Loans and bonds (net) 3,246 935 4,181 12,489 -1,733 -1,285 -3,018 
 Medium- and 
 long-term loans and 
 bonds 3,445 1,586 5,031 13,520 497 -913 -416 
 general 
 government 246 -84 162 -89 -706 -187 -893 
 bank 1,975 1,069 3,044 7,625 1,230 -732 498 
 other sectors 1,224 601 1,825 5,984 -27 6 -21 
 Short-term loans -199 -651 -850 -1,031 -2,230 -372 -2,602 
 banks -36 -694 -730 -1,559 -2,248 -444 -2,692 
 other sectors -163 43 -120 528 18 72 90 
 Other investment -2,319 574 -1,745 -12,691 -3,788 -448 -4,236 
 cash in foreign 
 currency outside 
 banks -2,145 -705 -2,850 -12,897 -4,319 -278 -4,597 
 Overall balance -135 506 371 -3,059 -5,225 -1,056 -6,281 
 Items        
 Exports of goods and 
 services (% changes) 31.1 37.4 32.9 33.8 -34.9 -40.8 -36.6 
 Imports of goods and 
 services (% changes) 46.0 62.3 50.5 38.8 -44.9 -51.2 -46.7 
 Export of goods (% 
 changes) 28.7 37.2 31.0 35.9 -39.2 -43.9 -40.5 
 Imports of goods (% 
 changes) 48.1 65.2 52.8 40.1 -48.3 -54.6 -50.2 
 
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